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Auctioning As A Legally Binding Contract.edited

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Running head: AUCTIONING AS A LEGALLY BINDING CONTRACT Auctioning as a Legally Binding Contract Name Institutional Affiliation 1 AUCTIONING AS A LEGALLY BINDING CONTRACT 2 The concept of an online auction is continuously evolving in accordance to the needs of the market and whether a bid is legally binding is highly dependent on the auction type. By definition, an auction is a form of sales whereby the person making the sales places a product or a good for sale and the potential buyers’ places bids to purchase the product. According to Montaldo, D. (2018). “Online auction provides potential buyers and sellers of a wide range of goods and a great trading framework.”. This concept resembles the local auctions, whereby there are losers and winners and bidders and sellers. The bidder who ends to be the highest, they are accepted and expected to make payment for the product they bided on. This selection concludes the sale process. Usually, when the process of auctioning is completed, and no participating parties are willing to make further bidding, no withdrawal is allowed after the completion of the bidding activity. All in all, the auction process is completed when the bid ...
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